IRS Sends Stern Warning to Taxpayers

The IRS has issued an alert to taxpayers, encouraging them to adjust their 2023 withholding so as to either avoid effectively giving the government an interest-free loan of their money or face the prospect of penalties and interest if too little tax is withheld.

In a news release on Jan. 19, the IRS announced that it has made available an online tool that wage-earning taxpayers can use to determine if they have too much or too little tax withheld from their paychecks.

Called the Tax Withholding Estimator, it lets taxpayers figure out if they will receive a refund or need to make a payment to the IRS in order to avoid owing taxes and potentially incurring penalties the following year.

Having too much tax withheld and waiting… READ THE FULL ARTICLE HERE!